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The puzzle of 16 days between the ex-dividend and payment dates

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  • Liu, Jen-Chang
  • Yeats, Mark
  • Chang, Jui-Lin

Abstract

Since the death of Steve Jobs, Apple has distributed eleven quarterly dividends. Of these, cash was paid 7 days after the ex-dividend date on nine occasions, and twice after 8 days. However, it used to pay cash at least 18 days after the ex-dividend date. When examining the whole market, firms tend to go ex-dividend on Wednesdays and pay the cash on Fridays. The durations between the two days are most likely to be 16 days. Besides the mode, payers tend to select the duration with a multiple of 7 days away from the most likely durations.

Suggested Citation

  • Liu, Jen-Chang & Yeats, Mark & Chang, Jui-Lin, 2016. "The puzzle of 16 days between the ex-dividend and payment dates," Finance Research Letters, Elsevier, vol. 17(C), pages 251-256.
    • Handle: RePEc:eee:finlet:v:17:y:2016:i:c:p:251-256
    DOI: 10.1016/j.frl.2016.03.021
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    References listed on IDEAS

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    1. Jen-Chang Liu & Mark Yeats, 2015. "The Anomaly of 28 Days Between the Ex-Dividend and Payment Dates in Taiwanese Stock Markets," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(9), pages 1091-1118.
    2. Ogden, Joseph P, 1994. "A Dividend Payment Effect in Stock Returns," The Financial Review, Eastern Finance Association, vol. 29(3), pages 345-369, August.
    3. David C. Wyld, 2010. "ASecond Lifefor organizations?: managing in the new, virtual world," Management Research Review, Emerald Group Publishing Limited, vol. 33(6), pages 529-562, May.
    4. Jen-Chang Liu & Mark Yeats, 2015. "The Anomaly of 28 Days Between the Ex-Dividend and Payment Dates in Taiwanese Stock Markets," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(9), pages 1091-1118, September.
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